Core Viewpoint - The report from Everbright Securities highlights that while USD stablecoins can enhance the functionality and usage scenarios of the dollar, thereby reinforcing its position in the international monetary system, they do not fundamentally resolve the underlying issues of the U.S. dollar's twin deficits and may exacerbate risks in the long term [1] Group 1: Nature of Stablecoins - Stablecoins are essentially "on-chain" dollars, with issuers earning a "spread" [2] - They are designed to address volatility in the cryptocurrency market and improve payment efficiency, but their reliance on fiat and crypto assets for collateral reflects a centralized characteristic [2] - The market is highly concentrated, with USDT and USDC accounting for approximately 90% of stablecoin trading volume and about 80% of market capitalization [2] Group 2: Regulatory Framework - The regulatory frameworks for stablecoins in the U.S., EU, and Hong Kong share a common structure but differ in specifics [3] - The U.S. GENIUS Act focuses on payment-type stablecoins, requiring 100% cash or short-term U.S. Treasury bonds as reserves [3] - The EU's MiCA Act aims for broader regulation of crypto assets, emphasizing risk prevention and financial market stability [3] - Hong Kong's stablecoin regulations are characterized by strict approval processes and high reserve coverage, balancing financial innovation with stability [3] Group 3: Macro Impact - Stablecoins enhance liquidity similar to fiat currencies, increasing the speed of money circulation but posing new challenges for central banks in liquidity management [4] - Potential effects include the creation of additional liquidity through lower reserve ratios and the emergence of a "shadow" banking system led by stablecoins [4]

Group 1 - The core point of the article is that Everbright Securities (06178.HK) has seen an increase in shareholding by E Fund Management Co., Ltd., which acquired 1.5108 million shares at an average price of HKD 10.9981 per share, totaling approximately HKD 16.616 million [1] - Following this acquisition, E Fund Management's total shareholding in Everbright Securities rose to 36.1406 million shares, increasing its ownership percentage from 4.92% to 5.13% [1]

Market Overview - In Q2 2025, major market indices, except for the Shenzhen Component Index, experienced an increase, with the Shanghai Composite Index rising by 2.8% and the CSI 300 Index increasing by 3.0% [3] - The convertible bond market showed a similar upward trend, with the convertible bond index rising by 3.3% [3] - The convertible bond premium rate decreased from 46.58% on April 1 to 44.09% by June 30 [3] Fund Holdings Analysis - By the end of Q2 2025, the scale of convertible bonds held by funds was 272.825 billion yuan, a reduction of 9.457 billion yuan from the previous quarter [4] - The market value of convertible bonds held by funds accounted for 41.30% of the total convertible bond market balance, an increase of 1.03 percentage points from Q1 2025 [4] - The largest reduction in convertible bonds was seen in mixed bond secondary funds, which decreased their holdings by 8.14 billion yuan [4] Convertible Bond Fund Holdings Behavior - The largest holdings in convertible bonds by funds were in the banking sector, amounting to 6.917 billion yuan [5] - Other significant holdings were in the power equipment, basic chemicals, non-ferrous metals, and automotive sectors, with holdings of 4.698 billion yuan, 3.559 billion yuan, 3.454 billion yuan, and 3.112 billion yuan respectively [5] - The average yield of convertible bond funds in Q2 2025 was 3.50%, with the median yield at 3.43% [5]

Core Viewpoint - The document provides a list of major securities firms in China, including their A-share and Hong Kong stock codes, indicating the competitive landscape of the securities industry in China [1] Group 1: Company Listings - Huatai Securities is listed with A-share code 601688.SH and Hong Kong code 6886.HK [1] - China Galaxy Securities has A-share code 601881.SH and Hong Kong code 6881.HK [1] - Shenwan Hongyuan is represented by A-share code 000166.SZ and Hong Kong code 6806.HK [1] - Everbright Securities is identified with A-share code 601788.SH and Hong Kong code 6178.HK [1] - China Merchants Securities has A-share code 600999.SH and Hong Kong code 6099.HK [1] - CITIC Securities is listed with A-share code 600030.SH and Hong Kong code 6030.HK [1] - Orient Securities has A-share code 600958.SH and Hong Kong code 3958.HK [1] - China International Capital Corporation (CICC) is represented by A-share code 601995.SH and Hong Kong code 3908.HK [1] - Guotai Junan is identified with A-share code 601211.SH and Hong Kong code 2611.HK [1] - GF Securities has A-share code 000776.SZ and Hong Kong code 1776.HK [1] - Guolian Securities is listed with A-share code 601456.SH and Hong Kong code 1456.HK [1] - Zhongyuan Securities has A-share code 601375.SH and Hong Kong code 1375.HK [1]

Core Viewpoint - The legal opinion letter confirms that the procedures for convening and holding the shareholder meetings of Everbright Securities Co., Ltd. comply with relevant laws, regulations, and the company's articles of association [1][2][3] Group 1: Shareholder Meeting Procedures - The company announced the convening of the 2025 Second Extraordinary General Meeting, the 2025 First A Shareholders' Meeting, and the 2025 First H Shareholders' Meeting on July 9, 2025, through various media [4] - The meetings were held at Jing'an International Plaza, Shanghai, and were presided over by the company's chairman [4][5] - The actual time, location, and agenda of the meetings were consistent with the previously announced notifications [4][5] Group 2: Attendance and Voting - A total of 972 shareholders attended the 2025 Second Extraordinary General Meeting, representing 2,463,034,811 shares, which is 53.42% of the total voting shares [6][8] - For the 2025 First A Shareholders' Meeting, 971 shareholders attended, representing 2,173,985,418 shares [7] - The attendance for the 2025 First H Shareholders' Meeting included 1 representative, holding 289,180,978 shares, which is 41.07% of the total H shares [8] Group 3: Voting Results - The proposal to amend the company's articles of association received 2,391,800,895 votes in favor, accounting for 97.11% of the votes cast [9] - The proposal to abolish the supervisory board was approved with 2,461,164,738 votes in favor, representing 99.92% [10] - The proposal to revise the fund management and usage system was supported by 2,461,700,638 votes, which is 99.95% [11] Group 4: Legal Compliance - The legal opinion confirms that the convening and holding of the shareholder meetings, as well as the qualifications of attendees and the voting procedures, are in compliance with the relevant laws and regulations [12][13][14]

| 审议结果：通过 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 表决情况： | | | | | | | | | | | | | 股东 | | 同意 | | | 反对 | | | 弃权 | | | | | 类型 | | 票数 | 比例（%） | | 票数 | | 比例（%） | | 票数 | 比例（%） | | | A股 | | 2,172,651,245 | 99.938630 | 1,073,873 | 0.049397 | 260,300 | | 0.011973 | | | | | H股 | | 289,049,393 | 100.000000 | 0 | 0.000000 | | 0 | | 0.000000 | | | | 普通 | 2,461,700,638 | | 99.945832 | 1,073,873 | 0.043600 | 260,300 | | 0.010568 | | | | | 股合 | | | | | | | | | | | ...

光大证券股份有限公司 章 程 目 录 第一章 总则 第一条 为维护光大证券股份有限公司（以下简称"公司"）、股东、职工和债权人的合 法权益，规范公司的组织和行为，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《境内企业境外发行证券和上市管 理试行办法》、《香港联合交易所有限公司证券上市规则》（以下简称"《香港上市规则》"） 和其他有关规定，制定本章程。 第二条 公司系依照《公司法》、《证券法》和其他有关规定成立的股份有限公司。 公司经中华人民共和国财政部财金函（2004）170 号文和中国证券监督管理委员会证监 机构字[2005]54 号文《关于同意光大证券有限责任公司改制及核减注册资本的批复》批准， 以光大证券有限责任公司（以下简称"有限公司"）整体变更方式设立；中华人民共和国商务 部于 2005 年 5 月 23 日颁发商外资字[2002]0069 号《中华人民共和国港澳侨投资企业批准证 书》。公司在上海市市场监督管理局注册登记，取得营业执照，统一社会信用代码 传真：+8621 62151789 第六条 公司注册资本为人民币 4,610,78 ...

第一章 总则 光大证券股份有限公司 募集资金管理及使用制度 （2025 年 7 月修订） （一）公司应当将募集资金集中存放于募集资金专户； （二）募集资金专户账号、该专户涉及的募集资金项目、存放金额； （三）商业银行应当每月向公司提供募集资金专户银行对账单，并抄送保荐 人或者独立财务顾问； 第一条 为了规范光大证券股份有限公司（以下简称"公司"）募集资金的 管理和使用，提高募集资金的使用效益，维护全体股东的合法权益，依据《中华 人民共和国公司法》、《中华人民共和国证券法》、《上海证券交易所股票上市 规则》、《上市公司证券发行注册管理办法》、《上市公司募集资金监管规则》、 《公司债券发行与交易管理办法》等有关规定，制定本制度。 第二条 本制度所称募集资金包含股权类募集资金和债券类募集资金。其中， 股权类募集资金是指公司通过发行股票或者其他具有股权性质的证券，向投资者 募集并用于特定用途的资金，但不包括公司实施股权激励计划募集的资金，具体 管理办法见本制度第二章。债券类募集资金是指公司在境内外市场通过交易所市 场、银行间市场或监管机构允许的其他发行场所发行的债券募集的资金，具体管 理办法见本制度第三章。 第三条 ...

光大證券股份有限公司 Everbright Securities Company Limited （於中華人民共和國註冊成立的股份有限公司） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （股份代號：6178） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 根據中華人民共和國的有關法例規定，光大證券股份有限公司（「本公司」）在上海 證券交易所網站(www.sse.com.cn )刊發了《光大證券股份有限公司募集資金管理及 使用制度（2025年7月修訂）》。茲載列如下，僅供參閱。 承董事會命 光大證券股份有限公司 董事長 趙陵 中國上海 2025年7月30日 於本公告日期，本公司董事會成員包括趙陵先生（董事長、執行董事）、劉秋明先 生（執行董事、總裁）、馬韌韜女士（非執行董事）、連涯鄰先生（非執行董事）、潘 劍雲先生（非執行董事）、尹岩武先生（非執行董事）、秦小徵先生（非執行董事）、 任永平先生（獨立非執行董事） ...

光大證券股份有限公司 章程 2025年7月 1 | 第一章 | | 總則 | 4 | | --- | --- | --- | --- | | 第二章 | 經營宗旨和範圍 | | 6 | | 第三章 | | 股份 | 7 | | | 第一節 | 股份發行 | 7 | | | 第二節 | 股份增減和回購 | 9 | | | 第三節 | 股份轉讓 | 11 | | 第四章 | | 黨委 | 13 | | 第五章 | 股東和股東會 | | 14 | | | 第一節 | 股東的一般規定 | 14 | | | 第二節 | 主要股東、控股股東和實際控制人 | 21 | | | 第三節 | 股東會的一般規定 | 25 | | | 第四節 | 股東會的召集 | 28 | | | 第五節 | 股東會的提案與通知 | 30 | | | 第六節 | 股東會的召開 | 33 | | | 第七節 | 股東會的表決和決議 | 37 | | 第六章 | 董事和董事會 | | 45 | | | 第一節 | 董事的一般規定 | 45 | | | 第二節 | 董事會 | 51 | | | 第三節 | 獨立董事 | 56 | | | 第四節 | 董 ...